Start-up focus: Reaction to Government of India’s relief on tax benefit to start ups for the next seven years

Benefits to the start-ups will fillip in promoting the start-up ecosystem in India. With the Government’s announcement to promote women entrepreneurship, Dalits and all the sections of the society, there will be an increased boost in independent business and entrepreneurship in the country with more focus on the garment, textile and food processing. We will have an immense role to play along with MSMEs in making the Startup India Scheme initiative successful as 96% of the Indian companies will benefit from this. We are honoured with government’s trust on associations like IESA and look forward to work in tandem to realise this socially important goal.

Defence budget increased by about 5.8% to Rs 2, 74,000 crore

An increase in the allocation of the defence budget will focus on the country’s Strategic Electronics ecosystem for greater self-reliance. The defence and aerospace sector in the country has seen considerable growth in recent years. The shift from buyer to manufacturer has to be made and this step will further boost the domestic ecosystem.

Furthermore, with Web-based pension distribution system for defence and a central defence travel system, more strength will be given to the soldiers to book travel tickets online. A comprehensive web based defence pension distribution system for defence pensioners has also been developed which we think will go a long way.

Government’s focus towards ‘Transform & Energise’ the youth through various programmes and incentives will give an impetus to entrepreneurial skills and move towards growing the ecosystem. The investments made by the Government in SWAYAM which will provide 350 online courses in IT and enable students to attend the courses virtually. This initiatives will give impetus to implementation of national programmes like Digital India, Make in India, Smart Cities as skilled workforce is at the core of the programs’ success, overall accelerating India’s economic development.

Amendment in Goods And Services Tax

With GST implementation and finalising its recommendations on almost all the issues, we hope that both the industry and the public will be benefited. Goods and Services Tax would help in creating a unified Indian market, improve tax compliance and governance and boost investment and growth. Moreover, it will also complement the demonetisation process.